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- Alaska Statutes.
- Title 21. Insurance
- Chapter 27. Producers, Agents, Administrators, Brokers, Adjusters, and Managers
- Section 410. Denial, Nonrenewal, Suspension, or Revocation of Licenses.
previous: Section 405
. Hearing and Order On Violation.
next: Section 420
. Procedure For Suspending, Revoking, or Conditioning a License.
AS 21.27.410. Denial, Nonrenewal, Suspension, or Revocation of Licenses.
- (a) The director may deny issuance of or not renew a license or may suspend or revoke a license issued under this chapter
for any of the following:
- (1) a cause for which issuance of the license or its renewal could have been denied had it then existed and been known to
- (2) a violation or participation in a violation of a provision of this title;
- (3) wilful misrepresentation or fraud by the licensee or applicant to obtain or attempt to obtain a license;
- (4) misappropriation, conversion to personal use, or illegally withholding money required to be held in a fiduciary
capacity by a licensee or applicant;
- (5) with intent to deceive, material misrepresentation of the terms or effect of an insurance contract by a licensee or
- (6) twisting in violation of AS 21.36.050
or rebating in violation of AS 21.36.100
by a licensee or applicant;
- (7) conviction of a felony;
- (8) the conduct of affairs under a license if the licensee exhibits conduct considered by the director to reflect
incompetence or untrustworthiness, or to be a source of potential injury and loss to the public;
- (9) the licensee or applicant dealing with, or attempting to deal with, or to exercise a power relative to, insurance
outside the scope of the license of the licensee or applicant;
- (10) failure to surrender a license as required by this chapter or revocation of a license within the 12 months preceding
the date a new application is received;
- (11) failure to pass an examination required under this chapter;
- (12) cheating on an examination required under this title;
- (13) a licensee or applicant engaging in or about to engage in an unfair or fraudulent insurance transaction;
- (14) suspension or revocation of a license in another jurisdiction;
- (15) forgery of another's name to an application for insurance by a licensee or applicant;
- (16) accepting insurance business from a person not licensed as required by this title if the applicant or licensee knew or
should have known that the person was unlicensed.
- (b) The license of a firm and its compliance officer may be denied, nonrenewed, suspended, or revoked for a violation or
cause that relates to a person representing or acting on behalf of the firm.
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